Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Introduction
Introduction Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Introduction Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is taxation? |  |
Ans. Taxation refers to the process of levying and collecting taxes by the government on individuals, businesses, and other entities. Taxes are mandatory payments imposed on citizens to fund public services and government activities.
| 2. How does taxation work? | |
Ans. Taxation works by the government enacting laws and regulations that determine the types of taxes, tax rates, and taxable entities. Individuals and businesses are required to report their income or financial activities to the tax authorities, who then calculate the amount of tax owed based on the applicable tax laws. Taxes can be collected through various methods, such as withholding from paychecks, self-assessment, or direct payment.
| 3. What are the different types of taxes? | |
Ans. There are several types of taxes imposed by governments, including income tax, sales tax, property tax, corporate tax, excise tax, and payroll tax. Income tax is levied on individuals' earnings, while sales tax is imposed on the purchase of goods and services. Property tax is based on the value of real estate, and corporate tax is imposed on businesses' profits. Excise tax is imposed on specific goods like gasoline or alcohol, and payroll tax is deducted from employees' wages to fund social security and Medicare.
| 4. How are tax rates determined? | |
Ans. Tax rates are determined by the government through legislation. The tax rates can vary depending on the type of tax and the income or activity being taxed. Governments consider various factors, such as economic conditions, revenue needs, and social policies, when determining tax rates. Tax rates can be progressive, where higher income earners are taxed at higher rates, or regressive, where lower income earners pay a higher percentage of their income in taxes.
| 5. What are some common deductions and credits in taxation? | |
Ans. Deductions and credits are provisions in the tax system that reduce the amount of tax owed. Common deductions include those for mortgage interest, student loan interest, and certain medical expenses. Tax credits, on the other hand, directly reduce the amount of tax owed. Examples of tax credits include the child tax credit, earned income tax credit, and energy efficiency credits. These deductions and credits are designed to incentivize certain behaviors or provide relief for specific expenses.
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About this Video
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Nov 16, 2024 Last updated |
Video Description: Introduction for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
The notes and questions for Introduction have been prepared according to the Taxation exam syllabus.
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